Former CS Energy Limited (CS Energy) Chief Executive Officer, Mr Mark Douglas Chatfield, was today found not guilty by a jury in the Brisbane District Court on one charge of being intentionally dishonest and failing to discharge his duties in good faith in the best interests of the company. CS Energy is a government-owned corporation which owns and operates power stations in Queensland.

Today's verdict follows an investigation by ASIC into an application by Mr Chatfield on 15 January 2007 for 60,000 shares in the float of Perth-based PearlStreet Limited, holding company of PearlStreet ETRS Pty Ltd. ASIC alleged that Mr Chatfield was aware at the time that the Board of CS Energy had resolved to enter into a contract with PearlStreet ETRS Pty Ltd.

The shares, valued at $30,000, were purchased by Mr Chatfield before PearlStreet Limited announced a five-year, $2.8 million contract with CS Energy on 12 April 2007. This contract concerned the provision of non-destructive testing by PearlStreet ETRS Pty Ltd for CS Energy's power stations.

Mr Chatfield stood down as head of CS Energy in May 2007.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.